Tuesday, September 6, 2011

Mohamed A. El-Erian - Credit Crisis: Tuesday's Market Preview Is Not PrettyHuffington Post
Several records have been set today, from a 92-percent annualized yield on very short-dated (six-month) Greek bonds to the risk spreads on Italian and Spanish CDS (creditdefault swaps). But an important element of the story is elsewhere. ...

US treasury default affects UCCS' operationsThe Scribe
Early last month, lawmakers negotiated the raising of our federal debt ceiling, avoiding adefault on our debts and a potential financial crisis that would have rivaled the Great Depression of the 1930s. In the United States, our government can only ...

Postal Office Nears DefaultABC News
By CHRISTINA CARON (@cdcaron) As the US Postal Service begins shuttering offices across the country to stem their ever-growing $9.2 billion deficit, the entire agency now faces default and could shut down next summer, USPS spokesman Dave Partenheimer ...

French court allows Chirac being tried in defaultXinhua
5 (Xinhua) -- Former French President Jacques Chirac would be tried in default due to his deteriorating health situation, a Paris court ruled on Monday, letting the trial move on with the 78-year-old represented by his lawyers. ...

Darling: EU Must Get A Grip On Greek DebtSky News
He was speaking in advance of the publication of Back From The Brink, a memoir of his time as chancellor during the financial crisis. Mr Darling said he had to elaborate on his fraught relationships within the government in order to tell the story of ...

Time to stand up to the crisis junkiesFinancial Times
It served them well during the depths of the financial crisis, forcing governments into bail-outs that, on deeper reflection, might have been handled differently. But standing up to crisis junkies and distinguishing between the various phases of a ...

Euro-zone default insurance costs riseMarketWatch
The spread on five-year Italian government credit default swaps, or CDS, widened to 422 basis points from 400 basis points on Friday, according to data provider Markit. That means it would now cost $422000 annually to insure $10 million of Italian debt ...

Stocks, Italian Bonds Drop on Debt ConcernBloomberg
Deutsche Bank AG Chief Executive Officer Josef Ackermann said conditions in the stock and bond markets are reminiscent of the financial crisis of late 2008. “The 'new normal' is characterized by volatility and uncertainty -- not only in respect to ...

Govt offices default on rentsDAWN.com
By Syed Irfan Raza | From the Newspaper ISLAMABAD, Sept 4: The local administration, police and judiciary have defaulted on rents of private buildings where they have set up their offices; documents available with Dawn showed. These departments have to ...

Poor Start to Important WeekBusiness Insider
First, France is less able to cope with the financial crisis than is Germany. As in a poker game, it is the second best hand that loses the most. Well, France has that hand. Its economy is not as competitive as Germany's and its ability to shoulder ...

CMA CGM bonds flag default risksBusiness Times (subscription)
Covenants on most of its borrowings were breached in 2009 after a slump in world trade amid the deepest financial crisis since the 1930s. CMA CGM received US$500 million from Turkish family-owned company Yildirim in November in return for a 20 per cent ...

Political Deadlock Maps a New Euro CrisisTheStreet.com
If until now the markets had been trading euro solvency risks as a function of bankdefault insurance, political brinkmanship has placed the risks of a disorderly sovereign crisis and a euro break-up back on the horizon of tradeable risks. ...

Safe Havens In A StormSeeking Alpha
"I expect a hard default definitely before March, maybe this year, and it could come with this program review," said a senior IMF economist who is keeping close tabs on the situation. "The chances for a second program are slim. ...

Debt ceiling bluesObserver Online
If the Treasury does not make full and timely payments to these groups, America would be considered "in default" on its obligations. A default would lead to a sudden contraction of government spending (roughly 40%), a loss of confidence in the American...